Latest News | Madhvani Group Plans Rs 10,000 Cr Investment over Next 5 Years

New Delhi, Jun 15 (PTI) Madhvani Group, a large Ugandan conglomerate with diversified investments spanning several sectors across Africa, the Middle East, and North America, has said it plans to invest Rs 10,000 crore in Inida over the next five years.

Madhvani Group's promoter Shrai Madhvani called on Prime Minister Narendra Modi on Saturday and during the meeting he apprised the prime minister about the Group's various initiatives including its acquisition bid of Hindustan National Glass & Industries Ltd (HNGIL), a leading container glass manufacturer.

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He informed that the Group is exploring investments of up to Rs 10,000 crore over the next five years, which is expected to generate substantial employment and contribute to industrial growth, Madhvani Group said in a statement on Sunday.

Commending Prime Minister Modi's visionary policies such as Ease of Doing Business, Make in India, and the government's pro-business outlook, Madhvani acknowledged that these initiatives played a vital role in the Group's decision to invest in India.

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"The prime minister welcomed the Madhvani Group's investment plans and assured full support for their ventures in India. He expressed delight over the Group's decision to return to its roots and contribute to India's ongoing development journey," it said.

Madhvani, who was accompanied by his wife Aparna Madhvani and Group Director Nitin Gadhia, also expressed heartfelt condolences to the prime minister for the tragic plane crash that occurred on June 12 in Ahmedabad, it added.

Muljibhai Madhvani, who migrated from Gujarat, led the foundation of the Group in 1914 in Uganda.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)